P544 Teletext 544 May20 23:11:45 —— 21st CENTURY HOME OWNERSHIP ———————— UK home ownership is set to undergo major changes, according to the head of the Abbey National. Today, a house is the most important purchase a person will make. It is the focus of an individual's Q financial planning. ——————————————————————————————————1/8—— So why should things change? >> FOR LATEST OFFERS ON BRBND NEW HOMES SEE PAGE 370 (ITV) Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:19:34 —— 21st CJNTURZ HOME OWNERSHIP ———————— After the economic turmoil of the last 8 years all that will go, abbey told a Building Societies' conference. In the last 30 years, inflation, lower taxes and tax inducements pushed people into housing "early and deep". But basic assumptions have changed: A job for life is no longer ceutpin house prices won't always rise property is not so tax efficient inflation is likely to stay low for longer than we think. ————————————————————————————————pp2/8—— Competition for housing funds > SOLVE YOUR HOME BUYING PROBLEMS SEE PAGE 370 (ITV) Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:19:54 —— COMPETITION FOR HOUSING FUNDS —————— People are having to think more about having money-in-hand than tied up in a home, according to Abbey. Only a third of men in the West's richest countries are still working after the age of 55. Government policy is forcing us to replace or top-up insurance for ill health ou unemployment. Divorce leads to less pooling of resources. ——————————————————————————————————3/8—— Homebuyjrs want to reduce uncertainty FOR BRAND NEW QUALJTZ HOMES SEE PAGE 370 (ITV) Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:10:12 ADVERTISEMENT >>>>>>>>> BIRMINGHAM MIDSHIRES BUILDING SOCIETY OUR LOWEST MORTGAGE ] DEAL FOR u9 YEaRS CALL FREE ON 24 HOURS YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MOTTO—GE OR OTHER LOAN SECURED ON IT. Written quotations are available on request from Birmingham Midshiu4/8 Building Society on 0902 710718 Security is required. Mortgages Savings Your Money Money NewsP544 Teletext 544 Ma= ( X —— 21ST CENTU5Z HOME OWNERSHIP ———————— Abbey thinks people will still want to own homes but they'll buy later, pay bigger deposits, and look on property as one of a spread of investments. It kxpjcts renting to become more appealing. New rules to encourage renting are already in place and we could see a renting revival. Most importantly, Abbey expect to see a growth in fixed-rate Q investment products. ——————————————————————————p———————5/8—— Above all, people want certainty HOME SHOPPING MADE EASY p370 ITV Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:10:51 ] —— 21st CENTURY HOME OWNERSHIP ———————— With changing employment conditions, what people will want, Abbey believes, is predictable outgoings. $hat will increase demand for fixed rate financial products. And that could change the business! Derivatives, sophisticated ] futures-linked financial products which control risk are becoming more popular. Abbey's already set up a derivatives subsidiary ——————————————————————————————————6/8—— Other areas of key change >>> SAVE ENERGY - HOUSE HUNTING FROM HOME SEE PAGE 370 (ITV) Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:11:1p — HOME OWNERSHIP IN THE 21st CENTURY —— Other major changes in housing and finance predicted bz Abbey National: In the past, older people planned to pass on their wealth. Today wish man= children accumulating their own wealth, older people will make more use of reverse mortgages to generate income women will increasingly take charge of their own finances. Which mortgage for me? .n..0891 141 321 T+ ——————————————————————————7/8—— Calls cost 39y/min chea8 rate 49p/gthju HOUSE! YOU COULD WIN THE BENEFITS OF BUYING BRAND NEW m PAGE 370 (ITV) Mortgages Savings Your Money Money NewsP544 Teletext 544 May20 23:11:29 £W } / ^ 0 LOOKING FOR A BR—ND NEW HOME? FOR A SELECTION OF NEW HOMES IN YOUR AREA & INFORMATION ON ALL MAJOR ASPECTS OF BUYING YOUR DREAM HOME (ITV) NHMB Mortgages Savings Your Money Money News